Which UAE banking and finance jobs are in demand and how much do they pay?

Hiring activity is robust for banking and finance professionals in the UAE as visa reforms and the continued expansion of the golden visa programme attract more job seekers and investors to the Emirates, recruitment specialists say.

Recruitment in the sector is also high in Saudi Arabia where government-funded projects will drive much of the activity, creating many jobs and opportunities within the industry, the Hays 2023 GCC Salary Guide says.

Some of the busiest areas for hiring in the banking and financial services sector were in private equity and advisory firms. These companies focused on expanding their workforce capabilities across junior, middle and senior levels to backfill roles to cover promotions, the research shows.

Furthermore, an increase in initial public offerings across the region meant corporate banks were busy hiring, particularly for capital market roles, according to Hays.

“Due to the increase in IPO demand, equity capital market roles will continue to be sought-after across the GCC. Regional banks will now look to hire across the spectrum to keep up with deal flow,” says Aashish Gidwani, consultant for banking and financial services at Hays.

“Additionally, should the economic predictions of the large investment banks transpire, we expect experts who are proficient in financial restructuring to be mandated.”

The job market in the UAE, the Arab world's second-largest economy, has recovered well from the Covid-19 pandemic thanks largely to fiscal and social measures taken by the government.

Most companies in the Emirates plan to hire more employees during the remainder of the year, and wages are expected to increase by slightly under 2 per cent in 2023, according to the Cooper Fitch Salary Guide 2023.

More than half of companies (57 per cent) expect to increase salaries this year, according to Cooper Fitch, which polled leaders at 300 companies in the GCC.

In Saudi Arabia, investment companies are still in need of investment associates. Given the high demand for these positions, there is a shortage of qualified candidates, according to Hays.

Also, with the opening of new investment companies, there is an increasing need for experts in the field of compliance.

Saudi Arabia’s Capital Market Authority will be regulating these companies, so it is crucial to have a head of compliance professional to ensure the company remains compliant, the research says.

The same demand holds true for the roles of finance managers and directors of financial services, who play a critical role in ensuring the financial success of the company, Hays reports.

With hiring rates increasing in the UAE’s banking and financial services sector, what are the most sought-after jobs and how much do they pay?

Read on to find out – and check out our comprehensive UAE salary guide 2023 slide show below for a snapshot of your sector.

Which jobs are in demand?

Chief financial officer, compliance officer, fund accountant, investor relations, finance investment managers, market risk manager and operations roles in middle offices (private equities, listed equities and hedge funds) are some of the most in-demand positions in the UAE’s banking and financial services sector, Michael Page says in its 2023 UAE Salary Guide.

Lack of an extensive on-the-job environment has meant that professionals, especially those in the early and mid-career stages, have not had the benefit of extensive on-the-job training and coaching in their roles, the recruiter says.

There is a gap in terms of client expectations versus candidate skills, which is a continuing challenge, it adds.

What job skills are employers looking for?

Some of the key skills sought-after by employers are financial modelling, senior strategic finance, compliance and investor relations among listed entities, the Michael Page report says.

Financial modelling, especially for leveraged buyouts, remains a key skill-set employers are looking for, given changes in the transaction environment, the research says.

It has become imperative to hone financial modelling skills beyond what is possible in conventional working hours, it adds.

“In terms of skills, those professionals with the foundational skills required for investment roles – financial modelling and project/client management – will be in high demand in 2023,” according to Mr Gidwani from Hays.

With an increase in venture capital activity within the region, there is growing demand for professionals with international venture capital investments and start-up portfolio management experience, Michael Page research shows.

There is also an increased focus on candidates with buy-side growth investments experience, especially within the technology sector.

Meanwhile, expectations from senior finance professionals within the investment, private equity and banking universe are that of a strategic business partner who is able to manage balance-sheet risk, lead and execute a long-term vision, as well as credibly guide the board in its strategic decision-making, the recruitment consultancy points out.

“Compliance remains one of the key in-demand skill sets across the region, driven by sustained high volumes of newly established entities across the DIFC [Dubai International Finance Centre] and ADGM [Abu Dhabi Global Market]; as well as the constant evolution of compliance frameworks, controls and processes,” Michael Page says.

“Employers have been particularly interested in candidates with authorised compliance officer status, as well as candidates who have experience in establishing and developing strong compliance frameworks.

“2022 saw an increase in corporates getting listed on the DFM and ADX, which in turn has increased demand for professionals with strong financial modelling and marketing and communications skills. With growing regulation within this function, investor relations remains an area of growth within the region.”

Are salaries expected to rise in the sector?

Employees in the UAE’s banking and financial services sector received the highest rate of salary increase in any sector in 2022, the Hays Salary Guide shows.

Professionals and employers in the industry agree that salaries will increase further this year.

More than half, or 56 per cent, of employees polled by Hays said their salaries increased in 2022. The main reason cited was an individual performance-related pay increase.

For those who received a salary increase, the most common increase was by more than 15 per cent – among the highest in any sector.

Looking ahead, professionals within the sector across all levels are optimistic about their pay this year, Hays says.

About 77 per cent are expecting their salary to increase in 2023. This is largely in line with the three quarters of sector employers that expect salaries within their organisations to increase.

Professionals with the foundational skills required for investment roles – financial modelling and project/client management – will be in high demand in 2023

Aashish Gidwani,
consultant for banking and financial services at Hays

However, expectations differ between groups in terms of rates of pay, with employees most commonly expecting an increase of 15 per cent or more, but most employers predict raises of 5 per cent to 10 per cent, according to Hays.

What other benefits can employees expect

Salary and benefits packages are the main pull factors attracting professionals to any given role.

However, work-life balance – including flexible working – is one of the most important factors for about half (48 per cent) of employees considering a new role, the Hays Salary Guide shows.

Sixty-seven per cent of employees in the UAE’s banking and financial services sector are satisfied with their current work-life balance, the guide finds.

With less than half of sector employers (48 per cent) offering hybrid or remote working, those that offer such options are at a distinct advantage to attract and retain the best talent, Hays suggests.

Equally, employees in the sector are ambitious and seek opportunities for career development.

In 2023, about half of employees (48 per cent) do not expect to be promoted.

Lack of career progression is one of the main reasons that 56 per cent of professionals plan to change organisation this year, the recruiter says.

Companies that want to retain top talent should set clear promotional targets, outlining the individual’s success targets and career track within the organisation for the medium to long term.

“Organisations should remain open, where possible, to internationally based candidates who are open to relocating; they should also consider candidates with transferable skills who are based locally and demonstrate an ability and willingness to upskill,” the Michael Page report recommends.

“Candidates, on the other hand, should invest time in improving their technical skills and gain expertise in their domains to be able to excel in technical interviews.”

What are the highest paying jobs in the banking and financial services sector?

Wholesale banking

Head of wholesale banking (executive vice president): Dh98,000 ($26,684) to Dh177,000 a month
Head of corporate banking (senior vice president): Dh75,000 to Dh107,000
Senior relationship manager: Dh35,000 to Dh50,000

Retail banking

Head of consumer banking (executive vice president): Dh95,000 to Dh200,000
Head of retail banking (senior vice president): Dh75,000 to Dh120,000
Head of assets/sales: Dh47,000 to Dh100,000
Senior manager for products/sales: Dh40,000 to Dh60,000
Manager for products/sales: Dh25,000 to Dh40,000

Investment banking (mergers and acquisitions, debt capital markets and equity capital markets)

Managing director: Dh87,000 to Dh185,000
Executive/senior director: Dh60,000 to Dh120,000
Director: Dh45,000 to Dh85,000
Vice president: Dh35,000 to Dh75,000

Private equity/investments

Managing director/chief investment officer: Dh80,000 to Dh160,000
Senior vice president/senior director: Dh60,000 to Dh100,000
Vice president/director: Dh50,000 to Dh75,000

Venture capital/investments

Managing director: Dh70,000 to Dh130,000
Senior vice president/senior director: Dh50,000 to Dh90,000
Vice president/director: Dh40,000 to Dh70,000

Risk

Chief risk officer: Dh70,000 to Dh165,000
Head of risk: Dh40,000 to Dh85,000
Manager: Dh30,000 to Dh48,000

Compliance

Head of compliance/chief/money laundering reporting officer (MLRO): Dh50,000 to Dh110,000
Compliance manager/vice president and MLRO: Dh34,00 to Dh55,000

Insurance

Managing director: Dh50,000 to Dh160,000
Senior vice president/senior director: Dh45,000 to Dh90,000

Finance and accounting (investments/funds)

Chief financial officer: Dh75,000 to Dh170,000
Group finance director: Dh55,000 to Dh85,000
Financial controller: Dh37,000 to Dh60,000
Finance manager: Dh25,000 to Dh40,000

Source: Michael Page UAE 2023 Salary Guide

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates

5 of the most-popular Airbnb locations in Dubai

Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:

• Dubai Marina

The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.

Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104

• Downtown

Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."

Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154

• City Walk

The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”

Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210

• Jumeirah Lake Towers

Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.

Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941

• Palm Jumeirah

Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.

Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152

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Price: AED 356,580 incl VAT

On sale: now.

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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks.

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.

8. Pillar 2 implementation

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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Source: Can be carried from distant regions

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“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”

Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles

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“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.

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Date of launch: November 2016

Founder: David Tobias

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Sector: Technology

Size: 18 employees

Stage: Embarking on a Series A round to raise $5 million in the first quarter of 2019 with a 20 per cent stake

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Which UAE banking and finance jobs are in demand and how much do they pay?

Chief financial officer, compliance officer, investor relations and market risk manager are positions in demand

Which jobs are in demand?

What job skills are employers looking for?

Are salaries expected to rise in the sector?

What other benefits can employees expect

What are the highest paying jobs in the banking and financial services sector?

Wholesale banking

Retail banking

Investment banking (mergers and acquisitions, debt capital markets and equity capital markets)

Private equity/investments

Venture capital/investments

Risk

Compliance

Insurance

Finance and accounting (investments/funds)

5 of the most-popular Airbnb locations in Dubai

• Dubai Marina

• Downtown

• City Walk

• Jumeirah Lake Towers

• Palm Jumeirah

The Specs:

Nayanthara: Beyond The Fairy Tale

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